Swabhimaan scheme is for all customers who are not having standard income proofs or do not have complete documentation for taking loan. Minimum income requirement for getting eligible under the scheme is as low as Rs.15,000 per month. It includes persons generating income in cash / getting salaries in cash. Also there is considerable flexibility with respect to certain important documentation requirement for taking loan like Income Tax Proofs, Bank Statement etc.
Basis the documentation submitted by the customer, the bank will decide the amount of loan basis its set criteria. However, in case the required documentation is not available with the customer, then the bank will decide the eligibility and amount basis personal discussion with the customer at their office/business premises.Following table gives an illustrative overview of options available under the scheme*:
|BHK||Starting Price (Rs.Per Sqft)||Size (in Sqft)||Total Cost
|Booking - Own Contribution (10%)||Loan Amount (80%)||EMI**
(Per Month) @ 8.65% ROI for 20 years
*Assumption: Above calculations are basis applicable lowest down payment price for the smallest size option available for the unit size, across project options participating under the scheme. Power backup Meter Charges & Maintenance extra, as applicable. ** Home loan rate of interest may vary based on customer profile.
Pradhan Mantri Awas Yojna (PMAY) is a mission started by the Prime Minister of India, with an aim of ‘Housing For All’ to be achieved by the year 2022. The scheme is a major step towards ensuring that people can get a house within their financial capability. The main objective of the scheme is to bring a ‘Pucca house’ for every family in urban cities with water connection, toilet facilities, 24x7 electricity supply and complete access. Around 2 crore houses are to be built across nation’s length and breadth targeting the lower income groups (LIG) and economically weaker section (EWS)of our society.
EWS households with annual income up to Rs. 3 lakh are eligible under the scheme. Whereas, the eligibility bracket is Rs. 3 lakh-18 lakh* which will cover both LIG and MIG households. A family comprising of husband, wife and unmarried children can be beneficiary under the scheme subject to condition that they should not own a pucca house either in their name or in the name of any member of their family in any part of India.
|Particulars||Loan Amount||Interest rate||Loan Tenure||PMAY Interest Subsidy Amount|
|Scenario 1||5,00,000||8.65%||180 Months||1,83,489|
|Scenario 2||6,00,000||8.65%||180 Months||220,187|
Yamuna Expressway, Noida Extension, Greater Noida, Ghaziabad & Gurugram
Projects covered under Swabhimaan